October 6, 2020 | software | No Comments
- NEC Corp will purchase fintech software provider Avaloq for $2.2 billion as it expands into financial services.
- The deal will likely benefit both firms in terms of increased revenue gains.
The Japan-based technology giant stated that it’ll acquire Switzerland-based fintech software provider Avaloq from private equity firm Warburg Pincus and other shareholders, per Reuters.
NEC offers digital solutions to global clients cross-sector, including aerospace, telecoms, and finance, and plans to acquire 100% of Avaloq’s shares by April 2021. Avaloq, which offers core banking and centralized data platform solutions to its 150-plus clients, representing approximately $4.5 trillion in client assets, will continue to operate as a separate entity following the completion of the deal.
NEC has been on an acquisition spree as it seeks to maximize profits, and the latest purchase aims to expand its presence in